Community Trust Bancorp Inc
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Financials : Banks | Small Cap Blend
Company profile

Community Trust Bancorp, Inc. is a bank holding company. The Company holds interests in a commercial bank, Community Trust Bank, Inc. (the Bank), and a trust company, Community Trust and Investment Company. Through its subsidiaries, the Company engages in a range of commercial and personal banking, and trust and wealth management activities, which include accepting time and demand deposits; making secured and unsecured loans to corporations, individuals and others; providing cash management services to corporate and individual customers; issuing letters of credit; renting safe deposit boxes, and providing funds transfer services. Its loan portfolio includes commercial loans, such as construction loans, loans secured by real estate, equipment lease financing and commercial other loans; residential loans, such as real estate construction loans, real estate mortgages and home equity loans, and consumer loans, such as consumer direct loans and consumer indirect loans.

Closing Price
$31.57
Day's Change
0.00 (0.00%)
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B/A Size
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Volume
(Light)
Volume:
0

10-day average volume:
63,569
0

UPDATE: Consumer-facing companies will be the first hit if the coronavirus spreads across the U.S.

11:30 am ET March 4, 2020 (MarketWatch)
Print

By Ciara Linnane and Tonya Garcia, MarketWatch

Retailers, restaurant chains, luxury-goods companies and cinema operators are among those expected to be most negatively affected if consumers isolate themselves

If COVID-19, the coronavirus that has sickened more than 80,000 people, spreads across the U.S. as health officials are warning, consumer-facing companies would be the first to be hit as their customers isolate themselves and avoid public spaces, experts said Wednesday.

The list includes everyone from retailers to restaurant operators, luxury-goods companies and cinema chains, many of which are starting to offer the first clues as to how the disease is impacting business. For now, those clues are mostly focused on business conducted in China or supply-chain-related issues. Few have offered details on how bad things could get if the U.S. is subjected to similar restrictions on movement to those imposed in China to contain the spread of the disease.

Don't miss:Diary of a quarantined American in coronavirus-era China (http://www.marketwatch.com/story/diary-of-a-quarantined-american-in-coronavirus-era-china-2020-02-26)

With the December quarter's corporate-earnings-reporting season all but over -- and most companies saying they did not incorporate the virus into their expectations for the year -- investors should brace for a round of profit warnings and changes to guidance in the coming weeks. That could revive the heavy selling in markets around the world that has shaken investors this week (http://www.marketwatch.com/story/why-a-supply-shock-is-biggest-stock-market-worry-as-viral-outbreak-continues-2020-02-25).

"Investors have largely been caught off-guard by the serious and far-reaching economic consequence of the coronavirus," said Nigel Green, founder and chief executive of the deVere Group, a financial services and advisory company.

See also:Starbucks would've raised its guidance if not for the coronavirus (http://www.marketwatch.com/story/starbucks-wouldve-raised-its-guidance-if-not-for-the-coronavirus-2020-01-29)

Related:Nike's coronavirus-related store closures in China could result in an earnings miss, analysts say (http://www.marketwatch.com/story/nikes-coronavirus-related-store-closures-in-china-could-result-in-an-earnings-miss-analysts-say-2020-02-05)

While some multinationals have lowered guidance (http://www.marketwatch.com/story/businesses-worldwide-count-coronavirus-cost-and-its-looking-bleak-2020-02-26), "many more are likely to do so in coming weeks. Clearly, this will hit global supply chains, economies across the world and ultimately government coffers too," said Green.

The U.S. retail sector will be hit by both demand and supply-chain issues, according to Cowen analysts, but that's not all.

"Declining consumer confidence, potentially severe retail-traffic declines, and temporary store closures are evolving risk factors that depend on uncertain variables like the geographic spread of the virus and the timing of containment/eradication solutions," they wrote in a note this week.

Companies are preparing for a big increase in the number of employees working from home, in the event that schools close or quarantines are enforced, depriving restaurants and other food-service providers of revenue. The global nature of supply chains means potential bottlenecks in the transportation of goods at a time when many retailers are keeping inventories tight.

See now: Ralph Lauren says sales could be impacted by as much as $70 million by coronavirus (s:/www.marketwatch.com/story/ralph-lauren-says-sales-could-be-impacted-by-as-much-as-70-million-by-coronavirus-2020-02-13?mod=mw_quote_news)

Analysts at Wells Fargo said there could be empty store shelves as soon as mid-April, with retailers like Target Corp.(TGT)and Walmart Inc.(WMT)at highest risk.

MarketWatch's ongoing coverage of the coronavirus: Coronavirus update: 81,245 cases, 2,770 deaths, Trump to hold virus news conference (http://www.marketwatch.com/story/coronavirus-update-81245-cases-2770-deaths-trump-to-hold-virus-news-conference-2020-02-26)

"It's worth noting that big-box players like Target and Walmart could be the first to experience out-of-stock issues, as they are more heavily dependent on a shorter-lead-time replenishment model," Wells Fargo said. Analysts also named Best Buy Co. Inc.(BBY) , Dick's Sporting Goods Inc.(DKS)and G-III Apparel Group Ltd.(GIII)as companies at risk.

Read:Coronavirus could drive up out-of-stocks at stores by April: Wells Fargo (http://www.marketwatch.com/story/coronavirus-could-drive-up-out-of-stocks-at-stores-by-april-wells-fargo-2020-02-11)

Macy's Inc.(M)told investors this week it's taking steps to minimize disruption, although executives have said it's too early to say much more than that. The department-store chain's guidance does not factor in a coronavirus impact.

Still, less than half the company's private-label items come from China, the source of the outbreak and the country that has suffered the most cases of the virus and the most deaths. China's move to quarantine cities and restrict travel has kept factories idle and slowed economic activity, and U.S. vendors source a considerable amount of merchandise from the region.

"There was a protocol that we developed under the SARS epidemic with the coronavirus to protect our workers, make sure we've got flexible schedules," said Jeff Gennette, Macy's chief executive, on the company's earnings call, according to a FactSet transcript.

Don't miss: CDC: How Americans should prepare for school and workplace closures due to coronavirus outbreak (http://www.marketwatch.com/story/cdc-how-americans-should-prepare-for-school-and-workplace-closures-due-to-coronavirus-2020-02-25)

Some companies are already starting to fret that the virus will have longer-term consequences, if it cannot be contained in the near term. Cracker Barrel Old Country Store Inc.(CBRL) , for example, said Tuesday that merchandise shipping for the 2020 holiday season starts in the next couple of months, with production on items like Christmas ornaments starting now.

The U.S. toy industry is at high risk, according to UBS, with goods made in China constituting more than 85% of sales in the sector.

D.A. Davidson analysts who met with toy maker Hasbro Inc.(HAS)said that holiday toy production wouldn't be impacted as long as Chinese facilities are up and running by the first week of May.

See: Airline stocks extend declines despite bounce in broader stock market (http://www.marketwatch.com/story/airline-stocks-extend-declines-despite-bounce-in-broader-stock-market-2020-02-25)

"It's really a matter of how quickly the factories get back to operations," said Hasbro's chief operating officer, John Frascotti, at an investor meeting last weekend. "But I do think the fact that it happened in the first quarter and early in the first quarter gives us more time through the year to catch up."

Cinema operators can expect to see steep declines in attendance if the coronavirus spreads rapidly. Already, IMAX Corp.(IMAX)has taken a hit from the closure of screens in China, especially during the Lunar Year holiday, (http://www.marketwatch.com/story/imax-to-postpone-chinese-new-year-film-slate-in-china-after-coronavirus-outbreak-2020-01-23) when consumers typically flock to see the latest blockbusters. The company is operating at about two-thirds strength due to the coronavirus, according to MKM analyst Eric Handler.

On its fourth-quarter earnings call last week, IMAX Chief Executive Richard Gelfond said China is a $1 billion business for the company, where it had 702 locations at the end of 2019, a 13% increase from 2018. The company's Greater China box office rose 9% to a record $366 million in 2019.

Gelfond is expecting cinema goers to be keen to get out of their homes and return to shopping malls and movie complexes as soon as the Chinese authorities give them the all-clear, which is what happened after the SARS outbreak in 2003.

"Overall, we're encouraged by the long-term performance and trajectory of our business in China. And while the coronavirus is a serious short-term challenge, we see it as a rare, out-of-the-ordinary event that will ultimately pass."

Other theater-chain stocks have already been under pressure in the past year as they continue to grapple with competition from streaming and other changes in consumer behavior. Cinemark Holdings Inc. shares(CNK)have fallen 32% in the last 12 months, while AMC Entertainment Holdings Inc.(AMC)has lost 17% and IMAX is down 26%.

Still, the National Retail Federation is less fearful, saying that it didn't take the outbreak into account when forecasting a 3.5% to 4.1% increase in 2020 retail sales.

"There are always wild cards we cannot control like coronavirus and a politically charged election year," said NRF Chief Executive Matthew Shay in a statement on Wednesday. "But when it comes to the fundamentals, our economy is sound and consumers continue to lead the way."

NRF expects retail sales to reach more than $3.9 trillion for the year.

For a running tally of U.S. companies that have talked about the financial impact of the coronavirus: What Apple, Coca-Cola, Nike and other U.S. companies are saying about the coronavirus outbreak (http://www.marketwatch.com/story/what-apple-walmart-and-other-us-companies-are-saying-about-the-coronavirus-2020-02-18)

(http://www.marketwatch.com/story/what-apple-walmart-and-other-us-companies-are-saying-about-the-coronavirus-2020-02-18)And for non-U.S. companies:Guinness parent Diageo warns of GBP200 million profit hit as businesses count the cost of the coronavirus outbreak (http://www.marketwatch.com/story/businesses-worldwide-count-coronavirus-cost-and-its-looking-bleak-2020-02-26)

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 04, 2020 11:30 ET (16:30 GMT)

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